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"Apartment dwellers dug deeper in their pocketbooks during the second quarter as Colorado Springs-area rents climbed to a record high and the demand for multifamily living remained strong, despite local financial pressures caused by the COVID-19 pandemic.
Monthly rents averaged $1,246.47 in the April-June period, eclipsing the previous record of $1,231.24 set in the third quarter of 2019, according to a report from the Apartment Association of Southern Colorado and the Colorado Division of Housing.
The monthly rents were up $27.53 from the first quarter and increased almost $31 over the same time last year.
Higher-end apartments that have been added to the area’s overall supply in the past few years probably are pushing up the overall average, said Laura Nelson, the Apartment Association’s executive director.
Such apartments are built in fast-growing parts of town and usually have a clubhouse, fitness center, swimming pool, barbecue pits, dog runs, bike storage and other amenities that command higher rents.
Because Colorado Springs’ supply of apartments totals only about 52,000, the addition of pricier units can easily drive up the overall average, Nelson said.
Rents at apartments built since 2010 averaged $1,520.07 a month in the second quarter, the Apartment Association and Housing Division report shows.
“The only thing we’re adding are really high end,” Nelson said of newly constructed apartments. “Because we’re a smaller market, it doesn’t take as much to affect that total. ... We don’t have the 400,000 units Denver has. Denver can add a few hundred units at a higher end and it really doesn’t affect the price much.”
At the same time, the area’s apartment vacancy rate slipped to 4.5% in the second quarter, the lowest since 4% in the third quarter of 2016.
Apartments are in demand among young people who don’t want to be tied to a mortgage and empty nesters who desire maintenance-free living, industry experts have said.
Nelson also speculated that out-of-towners relocating to the Springs took advantage of their kids being out of school because of the pandemic and made their moves in April and May instead of waiting for the summer. Those newcomers also added to the demand for apartments in the second quarter, she said.
No matter who’s renting, the supply of apartments was almost unchanged in the second quarter and renters had to scramble for available units.
Only 11 units were added in the second quarter, compared with 195 during the same time last year, according to the Apartment Association and Colorado Division of Housing report.
The combination of tight supply and strong demand also contributed to higher rents.
Even as average rents rose, and with layoffs stemming from temporary and permanent pandemic-related business closures, a news release accompanying the report said only about 5% of area renters were delinquent on payments — an “amazingly low” figure, Nelson said.
But multifamily industry members worry that the delinquency rate could soar as fallout from the pandemic continues and the federal government’s $600-a-week unemployment benefit expires, she said.
The industry hopes that local, state and federal assistance programs will help renters fill the gap if they need financial help, Nelson said.
Up to now, an executive order by Gov. Jared Polis had prohibited evictions through mid-June. While that prohibition has expired, Polis now has ordered that apartment owners and landlords give renters a 30-day notice before evictions take place, up from 10 days.
The Apartment Association and Housing Division report is based on a survey of property managers and apartment managers and owners, whose multifamily properties represent nearly 23,000 units. The survey was conducted by the University of Denver’s Daniels College of Business and research firm Colorado Economic and Management Associates."
"COLORADO SPRINGS — A recent national rent report found rent prices are dropping during COVID-19, even in notoriously expensive markets like Denver—in some cases seeing drops of 20%. But it would be hard to find a case like that here in Colorado Springs. In fact, some people are finding what they thought was a livable salary, isn’t necessarily the case anymore.
“I moved to the city of Colorado Springs in July of 2017 from Albuquerque New Mexico,” Colorado Springs resident Scott Wiley said.
He graduated from college, and came to the Springs to live his dream
“To really grasp… really grab that American dream, you know, try to work up somewhere,” Wiley said.
Being married with a kid, he needed a place with room. He needed something affordable.
So he settled for a two-bedroom apartment off Centennial and Garden of the Gods that hasn’t been updated since the 1980s.
But you wouldn’t think that based off his monthly price tag.
“1050 to 1100 a month.”
Even with covid-19, rents IN Colorado Springs aren’t going the same way the economy has.
“We had an increase in April,” Wiley said.
In fact, they’re doing just the opposite.
“Prices have gone up instead of gone down,” said Tami Kear.
Kear owns Colorado Springs Apartment Resource—a service matching people with apartments based off their needs.
In the nearly three decades she’s been doing this, she’s never seen the average price for a one-bedroom so high.
“At least 1300 probably and that might not even be for a brand new place,” Kear said.
For something at that price, she said you’d probably need to make at least $40,000 a year, which isn’t easy right now.
“I thought that people can’t afford these high prices and apartments would have to go down on the rent,” she said. “But so far they haven’t.”
When it comes down to it, she says it’s an issue of supply and demand.
“Most of the places, they don’t hardly have anything available,” Kear said.
For people like Wiley, the ever-increasing cost of living is disheartening.
“It feels like it’s kind of squashing the American dream for a lot of people trying to start out,” Wiley said. “If you’re not making a certain amount of money, you’re really going to find yourself in a hard position.
He’s worried he’ll be priced out before the housing supply can grow.
“It’s almost to the point where it’s like, maybe I need to start looking at jobs and go back to New Mexico,” he said."
"Apartment dwellers dug deeper in their pocketbooks during the second quarter as Colorado Springs-area rents climbed to a record high and the demand for multifamily living remained strong, despite local financial pressures caused by the COVID-19 pandemic.
Monthly rents averaged $1,246.47 in the April-June period, eclipsing the previous record of $1,231.24 set in the third quarter of 2019, according to a report from the Apartment Association of Southern Colorado and the Colorado Division of Housing.
The monthly rents were up $27.53 from the first quarter and increased almost $31 over the same time last year.
Higher-end apartments that have been added to the area’s overall supply in the past few years probably are pushing up the overall average, said Laura Nelson, the Apartment Association’s executive director.
Such apartments are built in fast-growing parts of town and usually have a clubhouse, fitness center, swimming pool, barbecue pits, dog runs, bike storage and other amenities that command higher rents.
Because Colorado Springs’ supply of apartments totals only about 52,000, the addition of pricier units can easily drive up the overall average, Nelson said.
Rents at apartments built since 2010 averaged $1,520.07 a month in the second quarter, the Apartment Association and Housing Division report shows.
“The only thing we’re adding are really high end,” Nelson said of newly constructed apartments. “Because we’re a smaller market, it doesn’t take as much to affect that total. ... We don’t have the 400,000 units Denver has. Denver can add a few hundred units at a higher end and it really doesn’t affect the price much.”
At the same time, the area’s apartment vacancy rate slipped to 4.5% in the second quarter, the lowest since 4% in the third quarter of 2016.
Apartments are in demand among young people who don’t want to be tied to a mortgage and empty nesters who desire maintenance-free living, industry experts have said.
Nelson also speculated that out-of-towners relocating to the Springs took advantage of their kids being out of school because of the pandemic and made their moves in April and May instead of waiting for the summer. Those newcomers also added to the demand for apartments in the second quarter, she said.
No matter who’s renting, the supply of apartments was almost unchanged in the second quarter and renters had to scramble for available units.
Only 11 units were added in the second quarter, compared with 195 during the same time last year, according to the Apartment Association and Colorado Division of Housing report.
The combination of tight supply and strong demand also contributed to higher rents.
Even as average rents rose, and with layoffs stemming from temporary and permanent pandemic-related business closures, a news release accompanying the report said only about 5% of area renters were delinquent on payments — an “amazingly low” figure, Nelson said.
But multifamily industry members worry that the delinquency rate could soar as fallout from the pandemic continues and the federal government’s $600-a-week unemployment benefit expires, she said.
The industry hopes that local, state and federal assistance programs will help renters fill the gap if they need financial help, Nelson said.
Up to now, an executive order by Gov. Jared Polis had prohibited evictions through mid-June. While that prohibition has expired, Polis now has ordered that apartment owners and landlords give renters a 30-day notice before evictions take place, up from 10 days.
The Apartment Association and Housing Division report is based on a survey of property managers and apartment managers and owners, whose multifamily properties represent nearly 23,000 units. The survey was conducted by the University of Denver’s Daniels College of Business and research firm Colorado Economic and Management Associates."
Are the majority of PM and other owners okay with smoking marijuana in their building, in my home? This is important to me. I can legally consume it in Illinois without moving. (Weed flower is in short supply.)
I love the mountainous areas and desert. The smaller towns in CS have few rental buildings and are expensive. I'd much rather rent from a private owner, if I can find one! As I do now, my rent hasnt risen in years. But I am very bored with the area, long before Covid. I agree with everything said about large prop. mgt companies, in Colo-- and elsewhere. They act indifferent, like they don't care if I rent or not, and are reluctant to give out information. I have to" dig" to get it. The internet images are often Very misleading, before you actually see the building. (Don't trust them.)
.
For many years I planned moving to Denver area (where I lived long ago), then discovered very high rents for cookie-cutter type wood buildings/ apartments less than 1000 feet, which is minimum to me. I looked diligently all around.
CS rents seem lower on the internet, for 2 bedroom, 950-1000 feet. so more affordable. $1300 is a lot for me as I am retired, happily not working any more. . I about ready to quit. Moving now feels scary.
where I live -- rents are even higher in desirable areas
Are the majority of PM and other owners okay with smoking marijuana in their building, in my home? This is important to me. I can legally consume it in Illinois without moving. (Weed flower is in short supply.)
I love the mountainous areas and desert. The smaller towns in CS have few rental buildings and are expensive. I'd much rather rent from a private owner, if I can find one! As I do now, my rent hasnt risen in years. But I am very bored with the area, long before Covid. I agree with everything said about large prop. mgt companies, in Colo-- and elsewhere. They act indifferent, like they don't care if I rent or not, and are reluctant to give out information. I have to" dig" to get it. The internet images are often Very misleading, before you actually see the building. (Don't trust them.)
.
For many years I planned moving to Denver area (where I lived long ago), then discovered very high rents for cookie-cutter type wood buildings/ apartments less than 1000 feet, which is minimum to me. I looked diligently all around.
CS rents seem lower on the internet, for 2 bedroom, 950-1000 feet. so more affordable. $1300 is a lot for me as I am retired, happily not working any more. . I about ready to quit. Moving now feels scary.
where I live -- rents are even higher in desirable areas
Private owners will often advertise as, "smoke free, no marijuana," properties. This is often coupled with, "family friendly, HOA enforced," community.
Apartment complexes vary. Some/most probably don't care, some are non-smoking of any type, in their entirety inside and out. Especially for seniors or social security recipients, where your neighbor might have oxygen. We had to sign an addendum acknowledging that we were not to use marijuana on the property at the last apartment we rented, which was in Denver.
The complex I live in has a no federally illegal substance clause we have to sign in order to live there. That being said, there are a few that walk around and smoke weed and act like no one notices. But that clause just gives the property manager a reason to kick you out if they want to. I had to also sign that I would not have a grill on my patio and at least 50% of the complex has grills on their patio and there is no mass evictions
I am concerned that landlords dont care now
but can add a no smoking clause anytime for any reason.
Still, other forms of marijuana are available, like gummies
with flavors...a substitute only to me. yummy.
Mostly they won't answer the phone, and dont call back,
or the girl answering lives in another state and cannot answer questions.
Emails are expected and they respond with only a few words. It's the same
in all the states I like. The only thing they want to know is when you will move
in--period.
I am growing quite weary of people moving here just because they want to legally consume marijuana, which in and of itself I have no problem with. There are now 11 states where you can legally purchase and use recreational weed. Why is everyone coming here for that?
When I rented, they added an addendum that allowed you to smoke it in your your apartment, just not in any common area or outside area that could expose others to it(this included your apartments balcony). There was also a clause about the smell of marijuana being considered a nuisance, if the smell seeped into a neighbors apartment, they could complain if they wanted to. I never smelled anything while I was there.
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